On April 20, 2023, Ebb Carbon, an ocean-based carbon dioxide removal (CDR) company founded by former Tesla, SolarCity, and Google X executives, announced that it has raised a $20 million Series A to develop and deploy its technology, which enhances and speeds the ocean’s natural ability to capture and permanently store CO2 from the atmosphere. The $20 million Series A was raised across two closes, led by Prelude Ventures and Evok Innovations, respectively. The second close was completed at an increased valuation at the end of March 2023. This adds to a previous seed funding round of $3 million, bringing the total raised to date to $23 million. Other investors in Ebb include Congruent, Grantham, and Incite. Wilson Sonsini Goodrich & Rosati advised Ebb Carbon on the transaction.

The $20 million Series A fundraise marks the largest investment to date in an ocean-based carbon dioxide removal technology. With this funding, Ebb will begin to deploy its first systems–one with the capacity to remove 100 tons of CO2 later in 2023, and a 1,000-capacity system shortly thereafter.

The Wilson Sonsini team who advised Ebb on the transaction includes Scott Zimmermann, Jason Slagle, Karli McConnell, Angela Chan, and Kristy Strohm.

For more information, please see Ebb Carbon’s press release.